Correos Spain posts gains

Spanish public-run postal service operator Correos announced Tuesday that its net profit amounted to – 82.7 million in 2002, a three-fold increase on the – 25.9 million it posted in 2001. Correos Chairman Víctor Calvo-Sotelo noted that the strong profit growth came in the midst of a progressive privatization of the group, with the Spanish state only contributing –

5.6 million last year. Revenue from its postal services activities increased 12.3 percent to – 1.65 billion, while costs rose 3.1 percent to

– 1.45 billion. Calvo-Sotelo said Correos intends to invest slightly more this year than the – 209 million it spent in 2002